Medical Technology - Southern Africa

Southern Africa

The Medical Technology market market in Southern Africa is forecasted to achieve a revenue of US$3.54bn in 2024.
The largest market within this market is Medical Devices, which is expected to reach a market volume of US$3.01bn in the same year.
The revenue is projected to exhibit an annual growth rate (CAGR 2024-2029) of 4.54%, resulting in a market volume of US$4.42bn by 2029.
In the global context, the United States is anticipated to generate the highest revenue, amounting to US$211.10bn in 2024.
In Southern Africa, the medical technology market is experiencing a surge in demand for telemedicine solutions to improve access to healthcare in remote areas.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Southern Africa is experiencing significant growth and development, driven by several key factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of this sector. Customer preferences in Southern Africa are shifting towards more advanced and innovative medical technologies. As the region becomes more urbanized and healthcare infrastructure improves, there is a growing demand for state-of-the-art medical equipment and devices. Patients are increasingly seeking high-quality, efficient, and accurate medical treatments, which drives the need for advanced medical technologies. Trends in the market indicate a strong focus on digital health solutions and telemedicine. Southern Africa has a large rural population with limited access to healthcare facilities. As a result, there is an increasing reliance on digital health technologies to bridge the gap and provide remote healthcare services. Telemedicine platforms, remote patient monitoring devices, and mobile health applications are gaining popularity in the region, enabling healthcare professionals to reach patients in remote areas and provide timely medical interventions. Local special circumstances, such as the high burden of infectious diseases, also contribute to the growth of the Medical Technology market in Southern Africa. The region faces significant challenges in managing diseases like HIV/AIDS, malaria, and tuberculosis. This necessitates the use of diagnostic tools, treatment devices, and monitoring systems to effectively address these healthcare challenges. The demand for medical technologies that can aid in the diagnosis, treatment, and management of these diseases is therefore increasing. Underlying macroeconomic factors, such as government initiatives and investments, are also driving the development of the Medical Technology market in Southern Africa. Governments in the region are recognizing the importance of healthcare infrastructure and are investing in the improvement of healthcare systems. This includes the procurement of medical technologies and equipment to enhance the quality of healthcare services. Additionally, the region is witnessing an increase in public-private partnerships, which further supports the growth of the Medical Technology market. In conclusion, the Medical Technology market in Southern Africa is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for advanced medical technologies, digital health solutions, and telemedicine is increasing in the region. The high burden of infectious diseases and government investments in healthcare infrastructure further contribute to the expansion of this sector. As Southern Africa continues to prioritize healthcare and invest in medical technologies, the market is expected to continue its growth trajectory.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.